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Bauer Limited is a company that mainly focuses on acquiring assets for capital appreciation. They do not focus on one specific area, but rather diversify their investments in a wide range of assets. The company has a 30 June year-end and the following are some of the assets held by Bauer Limited: Land The company holds a piece of vacant land that was bought at an auction for R5 000000 on 1 July 2015. At the time of purchasing the land, the company's main aim was to hold the land for capital appreciation purposes, no plans were made to develop the land or to sell it. Early on during the 2022 financial year, due to a growing demand for land to develop in the area, the directors of Bauer Limited resolved to subdivide the vacant land into 10 plots they can sell. The subdivision of the land was finalised on 15 February 2022 and the plots were put up for sale. The vacant land had a fair value of R46 000000 on 30 June 2021 and R50 000000 on 15 February 2022. It is Bauer Limited's policy to carry all investment properties at fair value. Debentures Bauer Limited purchased 2000 listed debentures at R150 per debenture on 1 March 2022. The debentures are 10% debentures and are redeemable at R200 per debenture on 28 February 2026. The transaction cost on the debenture purchase amounted to R5 000. Interest is payable annually on 28 February, and the purchase price of the debentures represents their fair value. The debentures are held within a business model with the objective to collect contractual cash flows that are solely payments of principal and interest on the principal outstanding on the specified dates. The interest is solely compensation for the time value of money and credit risk associated with the principal amount outstanding. 2.1) With reference to the information under Land, discuss how Bauer Limited should classify the land when it was initially acquired on 1 July 2015. No calculations are required. (6 marks) 2.2) With reference to the information under Land, discuss the accounting consequences, in terms of the requirements of IAS 40, of Bauer Limited's decision to subdivide the vacant land into plots to sell. Include the journal entries that Bauer Limited would need to process in their records for the financial year ending 30 June 2022. Narrations are not required. (12 marks) 2.3) With reference to the information under Debentures, prepare the journal entries required in the records of Bauer Limited for the financial year ending 30 June 2022 to account for the debentures. Narrations are not required